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CompanyProfile

Power more loans with

new-age credit underwriting

ankaj Kulshreshtha and Pankaj Pain founded
Scienaptic in 2014 to replace legacy underwrit-
ing systems with agile, tech-driven credit deci-
P sioning. Noting that borrowers rarely fit into
neat profiles and FICO scores, the co-founders saw a need
for risk assessment methods that were better attuned to
today’s complex markets. They were also determined
to provide financial access and inclusion to unbanked,
underbanked, underserved and overlooked communities. ISO/MLS contact:

Chandan Pal, chief marketing officer at Scienaptic, stated Chandan Pal
that the company has remained steadfast to its founding Chief Marketing Officer
principles. “Scienaptic's motto has always been to trans-
form lives, both for our clients and the customers they chandan@scienaptic.com
serve,” he said. “Scienaptic wants to help clients make
better credit decisioning so they can say yes to more bor- Phone: +1 212 244 4030
rowers, more often.” https://www.scienaptic.ai/

Pal noted that Kulshreshtha has more than 20 years of
experience in analytics, financial services and risk man- Expanding, scaling credit access
agement, including GE Money UK, where he served as Scienaptic has delivered $4 billion in incremental loans
chief revenue officer and created a multi-industry ana- for financial institutions since its inception, saving lend-
lytics business. Today, he and a team of 100 specialists ers over $200 million in credit losses, the company re-
help financial institutions and specialty lenders tackle is- ported. Currently, Scienaptic added, the platform serves
sues of credit expansion and availability across the globe lenders with assets totaling more than $100 billion and
through AI and machine learning solutions. processing nearly seven million loan applications annu-
AI-powered platform ally, worth over $22 billion. On average, participating
financial institutions are able to increase loan approvals
According to Pal, financial institutions need to be more by approximately $150-200 million using the platform, ac-
inclusive in lending practices, and Scienaptic helps them cording to recent reports.
achieve this through better credit decisioning and im-
proved access to credit, without increasing lenders’ risk. Lenders can use Scienaptic’s bolt-on solution to navi-
The platform uses AI/ML models to give sharper credit gate and originate new loans with confidence, Pal stated,
scores and mitigate potential risk, he added. pointing out that the platform gives clients the agility to
react to market changes while testing and deploying new
Lenders can leverage Scienaptic’s smart suite of AI un- models and rules. A recent case in point, buy now, pay lat-
derwriting tools, which combines traditional with alter- er, became popular during the pandemic, when consum-
native credit data through pre-built APIs to enhance and ers wanted to split purchase costs over time, he added.
accelerate data ingestion, Pal stated. This plug-and-play
approach enables lenders to derive a fully dimensional “Scienaptic’s AI-powered credit decisioning platform
credit profile while quickly identifying qualified pros- provides BNPL fintechs with underwriting tools that help
pects and flagging potentially high-risk prospects, he ex- them better identify qualified leads and high-risk pros-
plained. pects,” Pal said. “In a recent implementation, the platform
delivered $100 million in incremental sales for BNPL cus-
Designed to help lenders build stronger customer rela- tomers for a leading online retailer.”
tionships and capture greater wallet share, Scienaptic’s AI
platform has scored high with participating clients and Pal went on to say that in the coming months, Scienap-
partners, and it augments and extends the value of their tic will continue to scale its subscription service model to
existing investments, Pal stated. For example, he added, a facilitate easier decisioning at a global level. This will al-
week after implementing the platform, a financial institu- low lenders of all sizes across the world to transform their
tion saw credit approvals jump from 61 to 81 percent. lending capabilities in just a few clicks, he said, while en-
suring that more customers get loans and lending risks
are drastically reduced in the process.

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